Many tax preparers have faced a lull in work outside of the so-called “tax season” that runs from January to April. After all, many individual filers only need tax services one time a year. As a result, some tax preparers have struggled to maintain a strong client base during the months outside of the tax season. However, for Happy Tax, tax preparation is no longer just a seasonal discipline. Rather, by focusing on providing enterprise-based and investor-focused tax services, Happy Tax attracts clients all year-round.
New Tax Laws Drive Tax Service Boom
Tax planning is serious business, and it’s becoming a commodity that is essential to some individuals and businesses all year long. The catalyst initiating much of this newfound interest in tax help is the new federal tax law that in effect for the coming year.
The new tax laws and regulations will change how most of us will file our taxes this coming tax season. The Tax Cuts and Jobs Act reforms both individual and cooperate income taxes, and it’s moving the U.S. to a territorial system of business taxation with significantly lower marginal tax rates and cost of capital.
With the IRS implementing new tax laws as we speak, complications are to be expected. Tax preparers may see more taxpayers than ever facing financial challenges presented by the recent change in tax law.
People Need Specialized Tax Advice
Besides the recent change in tax laws, tax service providers that are qualified in the field are likely to see more business from cryptocurrency users. In that case, tax preparers should also expect an increase in their clients seeking consultation in regard to back taxes. This is because many cryptocurrency investors discover they owe back taxes due to the extensive tax policies that apply to digital coin trading. If they filed without a cryptocurrency-trained tax preparer in years past, they may find they owe the IRS big. Taxpayers may seek out the help of a tax professional to find out what they owe in back taxes, and in some cases even find ways to reduce the amount owed to the IRS.
As one of the leading cryptocurrency tax service providers, Happy Tax sees many crypto investors come through its channels all year. This is a great boost to our existing off-season business, which focuses on providing business owners with the services they need to stay compliant with state, local, and federal tax rules.
For business owners, tax obligations can be a year-round frustration. That’s because businesses have to file quarterly taxes, and often they need input from a professional to determine what qualifies as a tax deduction and what does not. And of course, with the new tax laws in effect as of January, business owners will be redefining how they approach their process for tax preparation. As a result, Happy Tax expects plenty of off-season business this year from cryptocurrency investors, business owners, and the millions of Americans facing tax bill changes under the reform in federal law.